Property Control System Manual (PCS)

PCS 1202: Property Closeout
for a Completed Contract/Grant

Purpose

Source

Policy

Property Control is responsible for performing a final equipment
inventory for completed contracts and grants that require a final
report.

Procedure

The sponsored property coordinator reviews the expenditures for
capital equipment purchases for the contract or grant.

If zero dollars were spent in the ASU financial system and zero
assets appear on the property system, the sponsored property
coordinator prepares a Negative Property Report and forwards it to
the sponsor.

If dollars were spent on capital assets, the sponsored property
coordinator queries the Property Control, Sponsored Projects, and Financial Services databases and submits a final property report to the sponsor.

If government-owned property is on a final property report, the
sponsored property coordinator:

schedules an appointment with the PI for a physical inventory
of the equipment

reconciles the account with both the Property Control database
and the university financial system.

When disposition instructions are received from the contracting
officer, the sponsored property coordinator disposes of the
property in accordance with the contracting officer’s
letter and updates the Property Control database.

The sponsored property coordinator updates the Sponsored Projects database to indicate that the report was submitted.